Streetbeat News

Acquisitions Mergers

MMP

Magellan Midstream has raised its FY2023 adjusted EPS guidance from $4.80 to a range of $4.95 to $5.05, compared to the estimated $4.97. The company also increased its DCF outlook to $1.26B from $1.22B. The adjustments are based on the company's Q2 results and the improved outlook for its commodity-related activities. The company is confident that its pending merger with ONEOK will close before year-end.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 1:11 pm

PAYO

Payoneer (NASDAQ:PAYO) has acquired Israel-based real-time data platform, Spott, to enhance its service offerings. Spott's AI technology will enable Payoneer to better understand and serve customers, particularly small and medium-sized businesses (SMBs). The first application of the technology will be on Payoneer's working capital products to enhance underwriting capabilities. Financial terms of the deal were not disclosed.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 1:10 pm

MITT

WMC

Terra Property Trust (TPT) has submitted an enhanced merger proposal to Western Asset Mortgage Capital Corporation (WMC), offering WMC stockholders $15.96 per share. This proposal is said to deliver superior value compared to the unsolicited offer from AG Mortgage Investment Trust (MITT). TPT's proposal includes larger value on a total and cash basis, lower management fees, and greater certainty of closing. The proposal also includes a performance-based, tiered incentive fee structure, which is superior to the model used by Angelo Gordon.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 1:10 pm

LUXH

WH

Wyndham Hotels & Resorts and LuxUrban Hotels, Inc. have announced a deal to bring 16 LuxUrban hotels into the Trademark Collection by Wyndham brand. The hotels will maintain their LuxUrban branding while also gaining affiliation and recognition via the Trademark brand name. Wyndham will provide financial, sales, and operational related support to help advance LuxUrban's asset-light acquisition-driven growth strategy. The agreement also paves the way for additional LuxUrban hotels to join Trademark in the future.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 1:09 pm

LNTH

Lantheus Holdings has planned to sell RELISTOR royalties to HealthCare Royalty for an initial payment of $98 million. Lantheus also has the right to receive an additional $5 million if worldwide net sales of RELISTOR in 2025 exceed a specified threshold.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 1:05 pm

HAS

LGF-A

LGF-B

Hasbro Inc reported a 10% YoY decline in Q2 FY23 sales to $1.21 billion, beating the analyst consensus. The company also reported an operating loss of $188.6 million. Hasbro has agreed to sell its eOne film and TV business to Lions Gate Entertainment for approximately $500 million. The company's outlook for FY23 revenue is a decline of 3-6%, driven by the Entertainment Segment. HAS shares are trading higher by 1.85% in premarket.

Portfolio Pulse from Shivani Kumaresan

August 04, 2023 | 1:04 pm

LH

Labcorp has entered into a strategic partnership with Tufts Medicine and will acquire its outreach laboratory business. The terms of the deal were not disclosed. This move will expand Labcorp's diagnostic testing and laboratory services in Eastern Massachusetts, aiming to increase access, affordability, and standardized testing.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:58 pm

ESMT

SimplePractice, a solution of EngageSmart (ESMT), has announced a strategic agreement to acquire assets of Luminello, an electronic medical record and practice management platform. This acquisition will expand SimplePractice's reach to thousands of solo and small group psychiatrists, psychiatric nurse practitioners, psychologists, and other prescribing medical professionals.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:56 pm

AGIO

ALNY

Agios Pharmaceuticals has entered into an exclusive worldwide license agreement for Alnylam Pharmaceuticals' preclinical siRNA targeting TMPRSS6 for Polycythemia Vera. Agios will pay an upfront of $17.5M and up to $130M in milestone payments.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:52 pm

HAS

LGF.A

Hasbro Inc. has agreed to sell its eOne Film & TV business to Lionsgate for $500 million. The deal is expected to close by the end of the year.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:44 pm